JAKARTA. PT Mora Telematika Indonesia Tbk (MORA) will issue 2.36 billion new shares through the capital raise without preemptive rights, also known as private placement.

The management of MORA said that this corporate action is intended to reinforce the company's capitalisation. Furthermore, the management of MORA said, in the information disclosure, that this capital increase is meant to raise its free float rate.

The proceeds of this private placement will then be utilised to fulfill MORA's corporate needs, starting from backbone and access expansion, working capital, and refinancing debts maturing in 2024-2026. 

MORA will then ask for approval from its shareholders in a meeting scheduled to take place late November 2023. So far, there have been no potential investors disclosed as participants of this corporate action, according to the official release.

During the closing bell yesterday (24/10), MORA was closed at IDR 655 per share. Assuming that would be the exercised price for this private placement, the company will potentially raise fresh funds of up to IDR 1.55 trillion. (KR/ZH)